Global Elastomers Market: Overview
The global elastomers market is expected to rise significantly due to the advancements taking place in processing technologies. Rising automotive industry has further boosted demand for elastomers, as it helps in improving performance and is light in weight that is vastly used in manufacturing vehicles. Moreover, strength, high durability, and pliability are few properties of elastomers that are required while manufacturing vehicles.
Moreover, the demand for elastomeric products is also rising as it is used for protecting cables and wires, manufacturing puncture seals, and to improve impact-resistance in vehicle interiors. As the demand for advanced vehicles has increased largely, simultaneously has fueled demand in the global elastomers market. Along with the growth factors there are few restraints mentioned in the report. Ongoing trends, use of different business development strategies by leading players, and geographical reach and growth prospects for elastomers in various regions are all presented in this report.
Global Elastomers Market: Notable Developments
Several industry players are making conscious efforts to diversify their products by using advanced technologies. They are investing in research and development activities, and are engaged in organic and inorganic strategies to strengthen their position in the global elastomers market. For example:
- Recently, BASF S.E collaborated with Biesterfield International GmbH, as Biesterfield acquired the distribution rights for BASF’s Elastollan TPU. The company would distribute Elastollan TPU in Central, Southern, and Western Europe. With this collaboration, Biesterfield International GmbH position in Europe will increase largely and it might have a higher share in the elastomers market.
- Huntsman Corporation has lately launched a new product AVALON AB DI, especially for the footwear industry. The product is based on thermoplastic polyurethanes material that will enhance productivity of footwear manufacturers.
- In 2018, Trelleborg Sealing Solutions also introduced advanced custom elastomers that are especially designed for HTHP hanger sealing and wellhead tubing applications.
Arkema, Inc., LG Chem. Ltd., PolyOne Corporation, E. I. du Pont de Nemours and Company, Covestro AG, Huntsman International LLC., and The Dow Chemical Company. These are few other prominent players operating in the global elastomers market.
Global Elastomers Market: Trends and Opportunities
Apart from automotive industry, the use of elastomeric products is also widely seen in the medical sector that is expand growth in the global elastomers market in the coming years. TPEs are largely used in the medical industry to make stoppers and gaskets, owing to their molding and high insulation properties is also expected to drive demand in this market. Moreover, TPEs capability to fill gaps and high flexibility has further grown its demand in elastomers industry. additionally, high demand for mobile phone cases is another factor driving demand in the global elastomers market.
Elastomers have Huge Growth Opportunity in Emerging Markets in Asia Pacific
The global elastomers market covers North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. Of these, Asia Pacific is likely to hold dominant share in the global elastomers market. Rapid urbanization and industrialization in various emerging market has contributed the growth of elastomers in this region. Thailand, India, China, and Indonesia are projected to be the key markets supporting growth in elastomers market.
Moreover, large number of OEMs are shifting looking forward to set up their units in the emerging elastomers market due to various growth opportunities and untapped markets. This factor is also projected to further expand the growth in the global elastomers market. North America, on the other hand, is holding second position in the global market. Cost-efficiency and easy adaptability are main factors responsible for the growth of this region.
Market segmentation based on geography:
- North America
- South America
- Asia Pacific
- Middle East and Africa
This report gives access to decisive data, such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report include:
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments